This episode is all about investment properties: what are they, how did we get started with our first rentals, and some rules of thumb that will help you when it comes to purchasing your own! After our last episode on Airbnb we knew we needed to address investment property broadly, as they’re a pillar of our future financial security. We’ll have more episodes where we’ll get more specific and discuss things like return on investment (ROI), insurance, and screening tenants. But for now, we’re just covering the basics. And at the beginning of this episode we cracked open an IPA – Scatterbrain by Bearded Iris Brewing which you can find and learn all about on Untappd. If you enjoyed this episode, be sure to subscribe and review us in iTunes, Stitcher, or wherever you get your podcasts!
As promised, here are some additional resources we’d love for you to check out:
- The Millionaire Real Estate Investor – by Gary Keller. Get this if you’re the academic type.
- Bigger Pockets – If you’re looking for ways to network with others and learn online, bookmark it. Not to mention they have an entire stable of online tools to check out.
- SmartMove – Joel and I have both used this site for years as a final check to screen our tenants.
And remember to keep the 1% rule in mind if you’re considering if a property would make a good rental – if you can pull in 1% of the property cost, in monthly rent, then it’s likely a good deal. However, if you really want to crunch the numbers and if you find comfort in data (like I do!), then here is a rental ROI spreadsheet that I use to figure out the exact numbers when considering a property for purchase.
If you found this episode helpful or if you thought it sucked, leave a comment below. We want to hear from you!